May 22, 2018
Meridian Capital Group, America’s most active dealmaker, arranged $13 million in financing to refinance Windsor Suites in Philadelphia, PA, on behalf of the Edward S. Brown Group.
The seven-year loan, provided by a balance sheet lender, features a rate of 3.75% and was negotiated by Meridian Senior Vice Presidents, David Fisher and Scott Jackson, who are both based in the company’s Iselin, NJ office.
“This asset, with its unique mix of hospitality and multifamily, wasn’t a cookie-cutter deal, but Meridian’s team was able to work with the distinguished sponsor to customize terms that surpassed our client’s expectations,” said Israel Schubert, Senior Managing Director of Meridian’s New Jersey office.
Located at 1700 Benjamin Franklin Parkway, the Windsor Suites is a 24-story property consisting of 196 hotel suites that feature fully-equipped kitchens, living and dining spaces, and breathtaking skyline views of downtown Philadelphia. Additionally, the Windsor Suites includes 120 unfurnished studio and one-bedroom rental apartments that offer residents contemporary urban living combined with the added amenities of a hotel. The building includes a state-of-the-art business center, newly-renovated meeting rooms, a fitness studio, rooftop pool, and more than 200 underground parking spaces, two restaurants, and 5,000 square feet of commercial space that is currently leased to Segal, Berk, Gaines & Liss, a local law firm.
The property is situated on one of Philadelphia’s most significant corridors, Benjamin Franklin Parkway, which connects Museum Row to Center City’s prolific office market. Windsor Suites’ unmatched location offers access to vibrant nightlife, high-end retail, and fine dining, as well as the city’s top universities, hospitals, and employers. The Windsor Suites also benefits from direct access to mass transportation, including to Amtrak, local train lines such as the Southeastern Pennsylvania Transportation Authority and the Port Authority Transit Corporation Speedline, and I-76, I-676, and I-95.
“The borrower was looking for flexibility that CMBS lenders and life companies weren’t able to offer,” said Mr. Jackson. “Meridian identified a balance sheet lender that appreciated the sponsorship’s long-term ownership of the asset and could provide a fixed-rate loan, locked at application, with a flexible prepayment penalty and no reserve structure.”
Founded in 1991, Meridian Capital Group is America’s most active deal maker and one of the nation’s leading commercial real estate finance and investment sales firms. In 2017, Meridian closed over 3,000 transactions across more than 200 unique lenders and sold nearly $1 billion in commercial property. Since inception, the company has closed more than $300 billion in financing with the full complement of capital providers, encompassing local, regional and national banks, CMBS lenders, agency lenders, mortgage REITs, life insurance companies, credit unions and private equity funds. Meridian represents many of the world’s leading real estate investors and developers and the company’s expansive platform has specialized practices for a broad array of property types including office, retail, multifamily, hotel, mixed-use, industrial, healthcare, student housing and self-storage properties. Meridian is headquartered in New York City with offices in New Jersey, Maryland, Illinois, Ohio, Florida and California. www.meridiancapital.com